Finding Your Niche: Marketing Strategies for Financial Advisors & Brokers
How does your financial business differ from others? What makes you stand-out? Whether your business is new and developing, or you’re going through a brand revival, having your financial business stand out is one of the essential keys to success. How can you achieve this? If you are a broker or financial advisor, The Finance Marketing Group has some tips and tricks to help you develop and find your niche.
The Meaning of Differentiation:
Differentiation, essentially, is what makes your business unique to others in your industry. It’s what makes Sally Sample drive an additional hour to go to her favorite Italian restaurant when she’s craving Braciole. It’s important. Before we go into detail, let’s first consider this scenario:
Let’s pretend that All Commercial Lending Land and MedCap Funding are both financial advisors.
All Commercial Lending Land is a lender that is ready to provide loans for just about every product focus and business. They advertise this. If a potential lead asked what they are known for, they’d say “Everything! We do small business loans, commercial real estate loans, equipment financing, freight financing, aircraft financing, medical industry financing, fix & flip loans, asset based lending, business lines of credit.. ” the list goes on and on and on. Furthermore, their advertisements, social media posts, blog articles and website content is centered around the theme, “we do it all”.
MedCap Funding is also a lender of a variety of products, however their area of specialty is medical financing. When creating ads, they target the medical industry while using medical field related photos and themes for brand building methods. In addition, when a potential business calls looking for information regarding medical financing, they are well-equipped to answer and are knowledgeable about all aspect of this particular product focus.
Which Lender Used Differentiation?
If you guessed MedCap Funding, Kudos to you! This business has succeeded in brand differentiation in the following ways:
- Developed a consistent brand
- Specialized product focus
How Can You Achieve Brand Differentiation?
1 – Develop a Consistent Brand:
Developing your brand is centered around sending a consistent visual theme and personality to your business. Your brand is your message, company, product, service, tone, tagline, typeface, logo and appeal, all baked together to form your business identity.
Here’s how you can achieve this:
The key to achieving this is consistency. Ensure that the colors in your logo, typeface, and images also appear in your websites, landing pages, and social media accounts. Your mission should be clear and focused. Your content and blogs should exude your knowledge and expertise of your specialty product. Don’t forget to showcase your ability to excel in your specialty area through business reviews.
2 – Specialized Product Focus:
The more focused your areas of expertise are, the more credibility your business will obtain. By narrowing down and not focusing on every financial product, you’ll be able to build your brand and focus on what makes you knowledgeable & unique in the finance industry. You will be sending a consistent message about why you’re the best equipped in handling transactions for the X,Y & Z industry. This will distinguish you from the rest. Another perk to this is that it improves the quality of your service. You’ll be building your brand as a leader and mentor in financing that particular industry.
Here’s how can you achieve this:
This requires a bit of research. We recommend discovering your industries differences and doing market researched based off of current search trends in lending. Staying current with your industry practices is essential to setting you and your business up for success.
Interested in more tips & tricks for brokers & financial advisors? Check out our blog: How To Follow-Up With Leads: A Broker’s Guide
Looking for more information? We’re here to help. Contact firstname.lastname@example.org for your marketing needs. Thanks for reading and happy lending!